Illinois adult-use marijuana sales top $140 million in July

Defying both bear-market trends as well as competition from new markets in nearby states, Illinois adult-use marijuana sales topped $140 million in July.

That’s a 2.5% increase from June, according to state figures, but it’s also the most sales of any month in Illinois so far in 2023 – and the second-highest grossing month since the state launched its recreational program in January 2020.

According to data released Aug. 3 by the Illinois Department of Financial and Professional Regulation, state-licensed cannabis retail outlets also sold 3.5 million items – the highest total for the year so far.

The data represents a steady increase in purchases from in-state residents despite illicit-market competition.

It might also reflect extra sales capacity as a new round of social equity licensees open for business.

The oldest adult-use market in the Midwest, Illinois long enjoyed the regional market to itself.

For much of 2022, out-of-state sales amounted to nearly one-third of total sales in Illinois.

However, in July, Illinois residents bought $104 million worth of cannabis, compared with $35.7 million in sales to out-of-state customers.

Annual sales have steadily increased year-over-year in Illinois since the first purchase in January 2020.

Annual sales topped $1.5 billion in 2022, the agency reported, up from $1.3 billion in 2021.

If current trends continue, Illinois marijuana sales in 2023 are on pace to exceed last year’s sales by as much as $50 million.

The monthly record is $143.8 million in December 2022.

Source: https://mjbizdaily.com/illinois-adult-use-marijuana-sales-top-140-million-in-july/